Even though it has become more evident in recent days that the central bank is willing to ease, Cramer said he remains amazed by the “smugness and recklessness” of Fed officers who are unwilling to recognize that the financial market is in “dire straights.”

That said, it’s best to stick with what’s working. Cramer recommended agriculture names like Mosaic and Agrium – calling the latter a “catch-up trade.” Recession stocks like Coke and Procter & Gamble work here too, he said.